INDICATORS OF EVALUATION OF EFFICIENCY OF DEVELOPMENT OF HOTEL ENTERPRISES
The purpose of the article is to determine the system of indicators for assessing the effectiveness of hotel enterprises. It is determined that the main criterion of the value of the investment project is the criterion of net discounted income. It is noted that the modified internal rate of return (MIRR) eliminates the lack of internal rate of return of the project, which occurs in the case of repeated outflows.
It is noted that today there is no single approach to assessing the effectiveness of investment in hotel enterprises in accordance with the forms of ownership and their size, which is due to the need to ensure compliance with performance evaluation criteria and a system of indicators.
Statistical and dynamic indicators of investment evaluation are considered
Indicators are analyzed: simple (accounting) rate of return on the project (ARR), payback period (PP)
Performance indicators taking into account the time factor are considered: discounted payback period (DPP), net discounted income (NPV), discounted profitability index (DPI), internal rate of return (IRR) and some others.
The disadvantage of the discounted payback period has been identified - it does not take into account subsequent cash inflows, and therefore may serve as an incorrect criterion for the attractiveness of the project.
The main advantages of static and dynamic indicators of investment project efficiency assessment are determined.
It is noted that one of the main criteria of investment advantage of a project is profit maximization.
Break-even analysis allows you to calculate the volume of sales at which the company's income equals costs.
It is proposed to use the indicator modified internal rate of return (MIRR)
It is determined that the most popular methods of assessing the effectiveness of the investment project today are the definition of such static indicators as simple rate of return, simple payback period and dynamic indicators, namely: discounted payback period, net present value, profitability index, internal rate of return and modified internal rate profitability. The most accurate results are given by dynamic indicators, as they take into account the value of money over time. Although dynamic methods are more accurate, all the considered methods of evaluating the effectiveness of the investment project have their pros and cons.
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